Swiss Stocks Plunge Sharply, SMI Sheds 2.7%Swiss Stocks Plunge Sharply, SMI Sheds 2.7%
(RTTNews) - The Switzerland stock market tumbled on Wednesday on widespread selling as coronavirus cases saw sharp spikes across Europe and the U.S., and several countries planned to impose fresh and tougher restrictions to curb the spread of infections.
The benchmark SMI ended down 268.84 points or 2.72% at 9,618.65, after hitting a low of 9,563.08.
ABB, UBS Group, LafargeHolcim, Swiss Life Holding, Lonza Group and Credit Suisse lost 3.6 to 4%.
Swiss Re, Sika, Novartis, Richemont, Swatch Group, SGS, Nestle, Zurich Insurance Group, Alcon, Givaudan and Roche Holding ended lower by 2 to 3.3%.
In the midcap section, Straumann Holding, AMS and Adecco lost 5.5 to 6%, while Julius Baer, Dufry, Clariant, BB Biotech, Sonova and Ems Chemie Holding declined 4 to 5%.
According to Swiss health authorities, coronavirus infections in Switzerland rose by over 8,600 in a day.
The Swiss government has reportedly ordered dance clubs closed and added new mask requirements while leaving the nation largely open for business as it tries to contain surging COVID-19 cases without resorting to a stricter, economy-crippling lockdown.
Most of the market across Europe settled with sharp losses today. Among the major indices, the pan European Stoxx 600 tumbled 2.95%, The U.K.'s FTSE 100 plunged 2.55%, Germany's DAX plummeted 4.17% and France's CAC 40 crashed 3.37%.
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